Daily Market Update 4/21/08

Mortgage rates improved Monday following a dramatic turnaround in investor sentiment Friday afternoon. Investors reacted favorably to indications the Federal Reserve Board has become increasingly concerned over the rate of inflation in recent weeks. Most economists now believe the Fed will lower the Fed Funds Rate to 2% from 2.25% at their next FOMC Meeting April 30th, afterwhich their focus will switch to price stability.

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